Aveda Transportation and Energy Services Inc. Announces Conversion of Convertible Debentures
03 January 2014 - 6:07AM
Marketwired
Aveda Transportation and Energy Services Inc. Announces Conversion
of Convertible Debentures
CALGARY, ALBERTA--(Marketwired - Jan 2, 2014) - Aveda
Transportation and Energy Services Inc. ("Aveda" or the "Company")
(TSX-VENTURE:AVE), a leading provider of oilfield hauling services
and equipment rentals to the energy industry, is pleased to
announce that pursuant to the terms and conditions of a convertible
debenture (the "Convertible Debenture") issued in favour of
Werklund Capital Corporation ("WCC") dated December 13, 2011, as
amended on October 1, 2013, Aveda has exercised its right to
convert the $4.72 million outstanding principal amount of
Convertible Debenture into common shares in the capital of the
Company (the "Common Shares"). For additional information
concerning the Convertible Debenture, please see the Company's news
release dated October 9, 2013 available under the Company's profile
on SEDAR at www.sedar.com.
In connection with the conversion of the Convertible Debenture
(the "Conversion"), the Company has issued an aggregate of
1,850,980 Common Shares to WCC from treasury at a deemed price of
$2.55 per Common Share and has paid a lump sum payment of
$134,616.99 which is equal to 75% of the interest that would have
become payable from the conversion date until maturity. Based on
public filings, after giving effect to the Conversion, WCC will own
approximately 6,567,335 Common Shares.
About Aveda Transportation and Energy Services Inc.
Aveda provides specialized transportation services and equipment
required for the exploration, development and production of
petroleum resources in the Western Canadian Sedimentary Basin and
in the United States of America principally in and around the
states of Texas and Pennsylvania. Transportation services include
both the equipment necessary to move the load as well as a trained,
professional driver capable of securing, moving and manipulating
the load at its origin and destination. Aveda's rental operations
include the rental of tanks, mats, pickers, light towers and other
equipment necessary for oilfield operations.
Aveda was incorporated in 1994 as a private company to serve the
oil and gas industry. In the spring of 2006 the Company went public
on the TSX Venture Exchange. Aveda has major operations in Calgary,
AB, Slave Lake, AB, Leduc, AB, Sylvan Lake, AB, Edson, AB, Mineral
Wells, TX, Pleasanton, TX, Midland, TX, Williamsport, PA and
Buckhannon, WV. Aveda is publicly traded on the TSX Venture
Exchange under the symbol AVE. For more information on Aveda please
visit www.avedaenergy.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Aveda Transportation and Energy Services Inc.Bharat Mahajan,
CAVice President, Finance and Chief Financial Officer(403)
264-5769bharat.mahajan@avedaenergy.comwww.avedaenergy.com
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